At 12pm (UTC) on December 27, 2020, VBC hosted the AMA show with BambooDeFi project, whose representative for this AMA is Mr. Daniel Valdés Araiz – CEO.
Brief introduction of the guest and BambooDeFi:
Daniel Valdés Araiz is the CEO of BambooDeFi and NexxyoLabs. He has been involved in the development of Blockkchain for many years, since the end of 2011. In the main company Nexxyo Labs nexxyolabs.com, they develop software for third parties, from mobile applications for IOS or ANDROID to various trading tools and bots. So you can get an idea of the background of the company that develops BambooDeFi. But now… he is proud to say to the whole community that after months of work developing, organizing and testing different concepts, they can announce the birth of BambooDeFi. www.bamboodefi.com.
In summary, and as a first presentation, BambooDefi is a decentralized ecosystem that can be used to exchange, store and “cultivate” crypto currencies. In addition to offering a fully managed ONCHAIN Lottery system.
You can see it detailed in our WP: https://bamboodefi.com/assets/bamboo-whitepaper-en.pdf
Below are some typical questions that the community has asked the guest:
Question 1: We can’t deny the fact that investors want a project which has real life use cases. Does bamboo defi really solve any problems or gaps in real life aspects? What are the important use cases that are worth highlighting?
Answer: The main problem is always usability.
The problem with DeFi´s is usually the difficulty of transforming the profits into FIAT money (either because of the high costs associated with the operational aspect or because of the platform’s own friction problems).
At BambooDeFi we are working on the implementation of a credit card with which all users will be able to buy using Bamboo anywhere that accepts card payments, and with the implementation of Bamboo in the Auroracryptomachines ATMs users will be able to transform Fiat directly whenever they need to.
In addition, and going into the subject of gamification and entertainment, Bamboo offers an ONCHAIN managed lottery system, we hope that this system will also go beyond the blockchain and become an interesting event for any type of user.
Question 2: DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $BAMBOO unique?
Answer: A few days ago we closed a pre-sale phase, with more than 97% sold.
You can find more information about it in : https://bamboodefi.medium.com/bamboodefi-pre-sale-burn-7f3e30fd77da
We are currently running a IEO in ChainX along with a lottery.
For each ticket purchased you will be entered into a raffle where 10eth prizes will be drawn !
After the end of the IEO, total 20 people who purchased ticket will be selected through a lottery.
Additional payments such as Ethereum, BAMBOO tokens!
When the IEO sale starts, you can buy a ticket at ChainX and participate in the lottery event through the Google form below!
<IEO Sale Period on ChainX>
2020.12.25 ~ 2021.01.31
Regarding what makes us different, the implementation of the card, the ATMs, the gamification of the lotteries and all the systems of STAking and Lps, make us a good alternative to the rest of current DeFi’s…… or so we shall try.
Behind the project stands a company registered in Spain , “Nexxyo labs” is the trade name of the company APPDETRANSPORTE URBANO SL, B71379507, registered in the Commercial Register of Navarra, volume 1951, book 0, section 8, page NA 38827.
We believe that´s is very important provide transparency and a known team behind the project.
Another point that differentiates us is the seriousness with which we take the launch of the tool, nothing will be available to the public until it is completely audited. We are currently auditing everything with Red4Sec. red4sec.com/en
Bamboodefi also has a controlled emission system controled by SC, from the 5th year only 1 bamboo per block is generated, together with the burning system, we hope to get a system that becomes deflationary.
Question 3: In order to vote in your governance system an user has to connect a wallet. Can you explain the governance mechanism of this project? And what are the requirements to participate in the voting?
Answer: You would have to connect your metamask to the platform in order to access the voting section. To be able to vote you need to have Bamboo staked in your wallet. Like in all projects…. but with some differences
Voting is not free to minimize flood based attacks.
Each vote requires a minimum amount of BAMBOO to be burned, currently this amount is set at 0.1Bamboo.
As you can see this is a simple method and also helps the platform to remove total supply. We follow a simple premise, imposed by Satoshi Nakamoto at an earlier time: One wallet = one vote
Question 4: Reading on your website about the vaults, I noticed that a part of the Bamboo tokens will be destined to charity, which is very noble. So far, what nonprofit support have you done? What percentage of your tokens will go to this? What do you hope to achieve with these contributions?
Answer: We believe that it is important to collaborate as much as possible to make the world a better place to live. We would like to give some help to do this.
We are donating 5% of all profits from the BambooDefi project to the Chengdu Giant Panda Breeding Research Foundation website http://www.pandahome.org.
Chengdu Giant Panda Breeding Research Foundation is a legally independent non-profit organization created to save the giant panda and other endangered animals. The institutes supported by the foundation have made great strides in scientific research and wildlife conservation. The Chengdu Giant Panda Breeding Research base currently has the largest captive panda population and has received worldwide recognition.
Our only intention is to help. In the next future through the governance system of the platform the users will be able to choose the destination of these funds dedicated to charity.
Question 5: I know BambooDeFi is a project from Spain, and the project is having IEO on ChainX, which is a well-known platform from Korea. Why don’t you choose any platform in Spain or Europe generally that is more familiar for your project? What are the special reasons for a Spain company to partner with Korea platform to conduct its IEO?
Answer: In Spain there are no exchange where IEOs can be carried out and at a European level the process of joining is very long and very expensive. We already had a relationship with ChainX as we had conversations to list another project in which I worked personally some time ago (although in the end this project did not materialize.
The main reason for our interest in the Asian market is that is a big market and its users have a lot of knowledge about blockchain technology and crypto currencies. Just for this we partnered with ChainX.
We are working with more exchanges to be listed when the IEO concludes, but we cannot give much more information until we have everything signed.
Question 6: What plans do you have to compete with big competitors like Uniswap, mooniswap, sushi or most recently 1inch? Do you have an airdrop plan for Bamboo users like Uniswap used to do?
Answer: We have NO airdrop plans right now, we are going to focus on usability first, we have always believed that airdrop ends up devaluing the project. Time will tell if we were wrong hehehe
Question 7: How can I join ONCHAIN lottery system? Can I use bamboo through a credit card?
Answer: It’s easy, in the 10 day lottery you will spend your BAMBOO to receive a ticket, in the annual lottery you will have to burn Bamboo to receive the ticket. You can’t buy tickets with a credit card directly, you must have Bamboo first.
Question 8: Can customers get support by BAMBOO DEFI without delivering sensitive personal information? What information do you save on the system? Is it necessary to present the information? How does the system protect users from risks?
Answer: This is an important issue in some proyects, as BAmboo interacts with METAMASK, TRUST WALLET and WalletConnect, we do not store any user data on the platform.This is the main security over the data, we cannot know which person is interacting. It is not necessary to pass any kind of KYC to use BambooDeFi.com
Question 9: You recently announced the addition of the Lottery system and I would like to know more about it. When will the lottery be available for users? Which token I can use to buy tickets and receive the rewards if I win?
Answer: The lottery that is active now is the ChainX.kr lottery for participating in the IEO, you receive a ticket to participate in a draw in which more than 10eth in prizes are distributed.
You have more info here: https://bamboodefi.medium.com/bamboo-lottery-in-chainx-579721891a04
Question 10: What do you think about the Vietnamese market? Do you have a plan to set aside a small bamboo pool to sell exclusively to the Vietnam market?
Answer: We are working with BigCoin https://bigcoinvietnam.com/ to reach the maximum number of users in Vietnam. We are proud to have such hardworking partners.There is no specific pool for the community, but we will work with our partners to consider different possibilities.
Question 11: How secured is your smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in BAMBOO DEFI development?
Answer: As foolish as it may seem …. implementing a good governance system and Onchain lottery systems, has been the part that has given us the most headaches.
All our SCs are audited by red4sec red4sec.com/en
You can see all our contracts in kovan (eth testnet) :
Question 12: What rewards will liquidity providers (LP) receive for their contributions to liquidity pools? What are the benefits of HOLD Bamboo in the long term?
Answer: LP, receibes 0,24% of trading fees. If the LP provider have BAMBOO in stake receibes 0,4% more.
BAMBOO holders receive compound interest from the staking system. In addition when the credit card is launched, they will receive a % of cashback according to the amount that they have of bamboo in stake.
Question 13: $BambooDefi has experienced DDOS Attack recently so do you have any plan for CloudFlare or DDOs protection?
Answer: Yes, we recently had an attack that managed to knock the web down for a few hours. It is a website in development with which we still do not interact, so it was on a small server. Even so, the servers have been improved and during next week cloudflare will be implemented. We can’t just talk about the good stuff, we have to do an exercise of humility.